Hong Kong’s ZA Bank Opens Crypto Trading for Retail Investors in Asia

ZA Bank Unveils Asia's First Banking Platform for Crypto Trading

ZA Bank, Hong Kong's leading digital bank, has become the first in Asia to offer direct Bitcoin (BTC) and Ethereum (ETH) trading services. The service, launched on November 25, 2024, allows both permanent and non-permanent Hong Kong residents to trade these cryptocurrencies with Hong Kong dollars (HKD) and US dollars (USD).

Partnership with HashKey Exchange

ZA Bank's collaboration with HashKey, a reputable cryptocurrency exchange in Hong Kong, ensures that the service complies with local regulations and maintains the highest security standards. Livio Weng, CEO of HashKey Exchange, commends ZA Bank's pioneering role in fintech integration and their shared commitment to regulatory compliance.

User Access and Safety

To access the service, users must open an investment account with ZA Bank and complete a risk assessment. This safeguards customers by ensuring they fully understand the volatility of the cryptocurrency market before engaging in trading.

Crypto Growth in Hong Kong

Research suggests that the global crypto user base will reach 560 million by mid-2024, representing a 30% increase from the previous year. Additionally, the global cryptocurrency market capitalization has surged by 90% to exceed $2.3 trillion. In Hong Kong, a survey by the Hong Kong Association of Banks indicates that 70% of respondents desire banks to offer virtual asset trading services, facilitating easier access to cryptocurrencies.

Trading Fee Structure

ZA Bank has implemented a few fees for the trading service:

• Entry fee: $70 (HK$600)
• Commission fee: $1.99 (HK$15) per transaction
• Platform fee: 1.5% of transaction amount

However, the bank has announced plans to eliminate the commission fee and reduce the platform fee to 0.8% of the transaction amount by June 2025. This move enhances the service's affordability and accessibility.